Refinance Additional Wedding Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 34% |
| Lender Rate: | 12% | Borrower: | otherguy |
| Finished | State: | CO | |
| Funded: | 100% | Group: | GROUP CLOSED |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-11-09 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Nov 09, 2007 | Current |
| Sep 15, 2008 | Payoff in progress |
| Sep 19, 2008 | Paid |
|
Why I'm Looking for a Loan I obtained my first prosper loan because we made some plans for our wedding based on some commitments from our parents that they weren't able to keep. Since that time, as apparently often happens with weddings, some of the expenses got even bigger, and my wife and I put even more of it on credit. I'm looking for this loan to refinance that credit card debt and save money on interest. You may have noticed on my listing that I dropped from AA to A credit. This is almost certainly due to the additional credit card debt. This loan is meant to help rectify that by helping me pay off that debt more quickly. What Makes Me a Good Risk I have a good job and I make plenty of money to cover this. I don't NEED this load, I'm looking to save money with it. I've lived in Denver, Colorado my entire life I have excellent credit history, and no delinquencies. Additionally, this loan will not significantly increase my DTI ratio, as all the proceeds from this loan are going towards existing debt. I have a 3 yr old mortgage in good standing, and I own my car outright I manage my finances: I participate in my company's 401k plan, and I have an IRA, and I contribute to savings every paycheck. Finally, I'm due to receive my degree in Management Information Systems (the field in which I already work) by the end of next year, this should increase my earnings potential. Also, take a look at my other prosper loan. I pay early every month. My Finances My take-home pay from my regular job is 2600/mo after taxes and retirement contributions. In addition to that, I receive $515 per month from an investment I inherited. Of that, 2300 goes to bills (including the bills I'm paying off with this loan):
That leaves me ~ 800/mo for "spending money" (gas, food, clothes, etc). In reality, $500 of that "spending money" goes to help pay down the credit cards. As you can see, the payment for this loan could easily be covered by that "spending money." In addition to that, most of the budgeted credit card money will go towards this loan. My Cards: ~$10,000 at 16.74% (wedding stuff) <-- what this loan is going towards ~2,600 at ~8% (most of this is due to a hospitalization in July) ~1,200 at 5.99% (old balance transfer of debt from before the wedding) One final note, I put out my expenses as if I were covering all of them. Although I could do so, it's not actually what's happening. My wife's income covers all of her expenses and also contributes to the mortgages and utilities. My Repayment Plan My wife and I are actively paying down debt every month right now. Our current goals are to reduce debt, move into a real house (we're currently in a condo), and start a family. I can obviously cover the minimum payment. Additionally, virtually all of our discretionary income is going towards paying down debt to help us achieve our goals. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 92466 | Refinance Unexpected Wedding Debt | AA | $7,500 @ 9% | Feb 02, 2007 | Withdrawn |
| 92793 | Refinance Unexpected Wedding Debt | AA | $7,500 @ 9% | Feb 03, 2007 | Loan created |
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